Nigeria’s Waza raises $8m to expand trade finance solutions

STARTUP VENTURE CAPITALAugust 20, 2024 at 9:17 AM UTC

TLDR

Waza, a B2B payment provider for emerging markets, secures $8 million for expansion and new trade finance solutions.
Funding includes $3 million in equity from investors like Y Combinator and $5 million in debt from Timon Capital.
CEO Maxwell Obi emphasizes Waza's mission to revolutionize B2B payments and liquidity access in Africa.

Waza, a Y Combinator-backed B2B payment and liquidity provider for emerging market businesses, has secured $8 million in equity and debt funding to expand its operations beyond Ghana and Nigeria and introduce new trade finance solutions.

The funding includes a $3 million seed equity round from investors such as Y Combinator, Byld Ventures, and others, along with $5 million in debt funding from Timon Capital.

CEO and co-founder Maxwell Obi highlighted that this funding brings Waza closer to its goal of transforming B2B payments and liquidity access for businesses across Africa.

Points clés à retenir

Emerging economies often struggle with trade deficits that drive higher demand for the dollar, which dominates global trade. This demand-supply imbalance leads to increased costs and trade delays. In Africa, this issue is worsened by a lack of tech solutions that address the liquidity needs of large enterprises and multinationals. Many cross-border payment platforms focus on consumer-facing products, leaving a gap in services for bigger businesses. The recent funding surge reflects growing demand for cross-border payments amid rising remittance flows and global trade. The Bank of England forecasts the global cross-border payments market will exceed $250 trillion by 2027.

Venture Capital

Startups

Waza

Y Combinator

Byld Ventures

Timon Capital

Fintech

Cross-Border Payments

Ghana

Nigeria

Trade Finance